** RBC Capital Markets cuts price target on oil and gas producer ConocoPhillips COP.N to $115 from $120

** New PT still implies 34.3% upside to stock's last closing price

** Brokerage says although COP continues to show solid operational performance, there are near-term headwinds that have caused market angst

** Lowers its cash flow per share expectations for COP

** Management not overtly reaffirming the $10 bln minimum shareholder return commitment drew a lot of attention - RBC

** Brokerage, however, maintains COP is still an "attractive long-term option on oil" given its good balance sheet, asset quality and visible organic free cash flow growth over next few years

** 24 of 28 brokerages rate the stock "buy" or higher, and 4 "hold"; median PT is $115.11 - data compiled by LSEG

** As of last close, COP shares down 13.7% YTD

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))